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- U.S. import-price index increases more than expected in August
U.S. import-price index increases more than expected in August
The Labor
Department reported on Tuesday the import-price index, measuring the cost of
goods ranging from Canadian oil to Chinese electronics, rose 0.9 percent m-o-m
in August, following a revised 1.2 percent m-o-m climb in July (originally a 0.7
percent m-o-m gain). Economists had expected prices to advance 0.5 percent
m-o-m last month.
According to
the report, the August advance was driven by рhigher prices for both fuel (+3.3
percent m-o-m) and nonfuel (+0.7 percent m-o-m) imports.
Over the
12-month period ended in August, import prices decreased 1.4 percent, due to a
tumble in fuel prices (-22.2 percent), which was partly offset by a gain in
nonfuel prices (+0.8 percent).
Meanwhile, the
price index for U.S. exports went up 0.5 percent m-o-m in August, following a
revised 0.9 percent m-o-m advance in the previous month (originally an 0.8 percent
m-o-m rise).
In August,
rising nonagricultural prices (+0.8 percent m-o-m) more than offset declining
agricultural prices (-2.2 percent m-o-m).
Over the past
12 months, the price index for exports fell 2.8 percent, reflecting declines in
prices of both agricultural (-2.9 percent) and nonagricultural (-2.8 percent)
exports.
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